The pair rebounded to end the day above the retest level we mentioned previously at 104.95. Stochastic is heading toward overbought area , which is another negative sign in addition to stability below the resistance of the descending channel shown on image. Therefore, an intraday downside move is anticipated for today however it requires two conditions; a breach of 104.95 and stability below 106.40.
The trading range for the day may be among the 104.00 support and 107.60 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with hourly closing below 104.95 targeting 104.00 and stop loss with hourly closing above 105.35 may be appropriate.|